NEW DELHI: Glenmark Pharmaceuticals on Tuesday reported nearly three-fold jump in consolidated net profit at Rs 155.54 crore for the first quarter ended June 30, 2010, on the back of good sales growth.
The company had a net profit of Rs 53.4 crore for the same quarter ended June 2009, Glenmark Pharmaceuticals said in a filing to the Bombay Stock Exchange.
"The first quarter has been very encouraging for the organisation with India, the US generics and the API business recording good sales growth. The out-licensing deal with Sanofi-Aventis for GRC 15300 reaffirmed our commitment to cutting-edge work in the area of discovery," Glenmark Pharmaceuticals Ltd CEO & MD Glenn Saldanha said.
Total income rose to Rs 707.9 crore for the April-June quarter, from Rs 551.2 crore in the same period last year.
"On the US generics side we are encouraged by the number of ANDA approvals recently received-This will aid growth for the subsidiary in this financial year. We expect an improved performance from the Central Eastern Europe region for the remaining part of the year," Glenn Saldanha added.
On the standalone basis, the company has posted a net profit of Rs 60.7 crore for the first quarter ended June 30, while it had a net profit of Rs 5.2 crore the same period year-ago period.
Specialty formulation business grew by 37 per cent to Rs 418.26 crore.
Glenmark Generics Inc, the US, registered revenue from sale of finished dosage formulations of Rs 182.99 crore (USD 40.02 million) for the first quarter of FY'11 as against revenue of Rs 172.05 crore (USD 34.91 million), an increase of 6 per cent in rupee terms over the corresponding quarter of the previous year.
Shares of Glenmark Pharmaceuticals were trading at Rs 293.90 on the BSE, up 3.47 per cent from previous close.
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